BHEL Q1 misses estimates, profit up 4% at Rs 81 cr; EBITDA loss at Rs 88 cr

Bharat Heavy Electricals (BHEL) said profit for April-June quarter stood at Rs 81 crore, higher by 3.9 percent over Rs 77.7 crore reported in year-ago quarter. Profitability was largely hit by higher finance cost and other expenses. Deferred tax of Rs 52.37 crore (against Rs 12.13 crore YoY) helped the company to report growth of 3.9 percent but excluding that numbers were far lower than analysts' expectations. At operational level, the company posted EBITDA loss (earnings before interest, tax, depreciation and amortisation) of Rs 88.3 crore against profit of Rs 71 crore on year-on-year basis. Overall numbers missed expectations. Profit was expected at Rs 60 crore and operating income at Rs 110 crore for the quarter, according to average of estimates of analysts polled by CNBC-TV18. Revenue during the quarter declined 1.5 percent to Rs 5,732 crore compared with Rs 5,821 crore in corresponding quarter of last fiscal, hit by industry business (down 8 percent YoY) and flat growth in power business. Other expenses increased sharply 59.6 percent to Rs 889.7 crore on year-on-year basis. ref: http://www.moneycontrol.com/news/business/earnings-business/bhel-q1-misses-estimates-profit-up-4-at-rs-81-cr-ebitda-loss-at-rs-88-cr-2356035.html